In 50+ years of oil production, the top spot has rotated among only 4 countries

  • Only 4 countries have ever topped global oil production since 1973: the US, USSR, Saudi Arabia, and Russia.
  • The USSR and Saudi Arabia each led for 17 years, while Russia held 9 and the U.S. reclaimed the top with 8 years, mostly after the shale boom.
  • Top producers have peaked at 9–12 million barrels/day, but the US once dropped as low as 5 million in the 2000s.
  • Nigeria peaked at 2.5 million barrels/day in 2005 and 2011, but never reached the top five.
  • Global crude oil production grew by over 26 million barrels per day between 1973 and 2023—an increase of nearly 47% over 50 years.

Since 1973, global oil production has had just four leaders reach the number one spot: the US, the USSR, Saudi Arabia, and later, Russia. In that period, the USSR led for 17 years, Saudi Arabia matched that with another 17, Russia held it for 9, and the US for 8, mostly during the shale boom.

These countries have peaked between 9 to 12 million barrels per day, but not without dips. The U.S., for instance, dropped to around 5 million barrels/day in the mid-2000s before bouncing back.

Countries like Iran, China, and Canada have occasionally climbed into the top five, producing between 3 to 5 million barrels/day.

Nigeria, despite being Africa’s largest producer and a key OPEC member, has never broken into the top five. Its highest output, around 2.5 million barrels/day in the mid-2000s, was still far behind the leaders, and years of oil theft, underinvestment, and pipeline issues kept its output unstable.

Source:

Energy Institute Statistical Review of World Energy 2024

Period:

1973-2023
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